A component needed in the manufacture of armor piercing projectiles is a liner which is vaporized upon target impact and ejected at high velocity to penetrate the impacted armor. Such a liner is a hollow body of metal such as "electrolytic tough pitch copper," of predetermined wall thickness having a generally conical forward portion and a smaller, cylindrical rearward extension. It is found desirable for the conical portion of the liner to be fluted internally and externally, and the manufacture of such liners by the traditional coining procedures has been slow and difficult, and has required much manual positioning of individual pieces during manufacture.